Cash, Loans, Debts, and Promises

Cash, Loans, Debit, Promises: Lesson 6

What is a Contract

  • A contract is an agreement …
  • To do something legal …
  • Between two or more competent parties …
  • And the agreement can be enforced (meaning people can be dragged into court and ordered to pay – or have a “judgement” against you that shows on your credit report).
  • A contract can be oral or in writing
  • Examples:
    • You sign a contract agreeing to make payments on a car, and to have the car insured
    • You sign a lease to live in an apartment for six months
    • You accept the terms of a credit card
    • You orally agree to pay someone to paint your apartment
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